Unicaja Banco S.A.

Investor Presentation • Apr 27, 2022

1Q22 Earnings presentation

April 27th 2022

Agenda

1. Key highlights

2. Business activity

3. Financial results

4. Asset quality

5. Solvency & balance sheet

Key highlights

Key Highlights

Business activity	Commercial activity and main strategic plan levers already delivering  Strong quarter in residential mortgages and consumer lending, mutual funds inflows and new insurance premiums	Mortgage loans (new lending) Consumer loans (new lending) Mutual funds (gross inflows)	+25% QoQ +10% QoQ +4% QoQ
Profitability	 NII stabilized in the quarter despite lower day count effect. New lending, repricing and ALCO reinvestment will support NII going forward  Fee income maintains strong momentum on the back of strong retail activity  Opex reflects expected synergies for the year	Fee income Insurance premiums Operating expenses	+14% YoY +18% YoY -9% YoY
Asset quality	 Cost of risk down in the quarter to ~35bps  Conservative profile and early NPL recognition: 70% of last two quarters NPL entries were subjective. Stage2 coverage at 9.2%  Foreclosed assets down 5% QoQ with a 63% coverage ratio	NPL Ratio (%) NPL Coverage (%)	3.5% 68%
Solvency	 CET 1 FL of 12.6% as of March 2022 in line with management target and well above (1), regulatory requirements 50% payout on 2021 adjusted net income distributed in cash on April 8th  2022  2021 Dividend per share: 2.5 cents per share	CET 1 FL excess (2) Dividend payout target	€1.6bn 50%

Business activity

Customer funds

Customer funds breakdown

Million Euros	1Q21	4Q21	1Q22	QoQ	YoY
Customer funds on balance sheet	69,186	73,969	68,963	-6.8%	-0.3%
Public institutions	6,182	9,259	6,442	-30.4%	4.2%
Private sector	63,004	64,710	62,521	-3.4%	-0.8%
Demand Deposits	55,359	58,424	56,715	-2.9%	2.4%
Term Deposits	7,399	6,104	5,741	-6.0%	-22.4%
Other funds	246	182	65	-64.4%	-73.7%
Customer funds off balance sheet	20,261	22,038	21,782	-1.2%	7.5%
Mutual funds	10,567	12,410	12,353	-0.5%	16.9%
Pension plans	3,911	4,033	3,930	-2.6%	0.5%
Insurance funds	4,814	4,546	4,382	-3.6%	-9.0%
Other(1)	970	1,049	1,117	6.5%	15.2%
Total customer funds	89,447	96,007	90,745	-5.5%	1.5%

Customer funds structure

Successful implementation of a new pricing policy on institutional deposits leads to a more balanced funding structure

Mutual funds

Mutual funds evolution (€bn)

1Q21 1Q22

(1) Net inflows do not take into account market impact, (2) Source; Inverco net subscriptions for 1Q22 (excl. international Asset Managers).

Lending: Performing book

Performing loan book (€m)

Million Euros	1Q21	4Q21	1Q22	QoQ	YoY
Public sector	5,871	5,563	5,614	0.9%	-4.4%
Corporate loans	13,652	14,093	13,665	-3.0%	0.1%
Real Estate developers	1,015	841	817	-2.8%	-19.5%
Other corporates	12,637	13,253	12,848	-3.1%	1.7%
Loans to individuals	33,192	33,866	34,281	1.2%	3.3%
Residential mortgages	30,480	31,090	31,467	1.2%	3.2%
Consumer & other	2,712	2,776	2,814	1.4%	3.8%
Total Performing book	52,715	53,522	53,560	0.1%	1.6%

New lending

Business lending (€m)

Residential mortgage (€m)

1Q22 Corporate lending impacted by strong 4Q21 activity linked to TLTRO III benchmark

Lending: Main portfolios

Residential mortgage portfolio Corporates portfolio

Digital business

Clear strategy levering on existing capacity and selective investments to provide a comprehensive digital offering

1 Scaling up remote capabilities. Technology has never been as accessible as today, being selective on the right developments allows Unicaja Banco to compete on digital banking

2 Omni channel strategy: To enhance our customers convenience by accessing a wide range of product offering in different channels

3 Levering on strong partnerships: to build up our digital ecosystem, acquire attractive customers and deliver holistic product offering for our customers

Sustainability in the center of our business

2022 main priorities

Unicaja Banco NGEU Funds client simulator

Boosting the range of sustainable products

Mutual funds: >75% under article 8 SFDR

Approval of Unicaja Banco Green Bond Framework

Some milestones already in place

First ECB supervisory climate risk stress test

Release of the first indicators of the Taxonomy Regulation (NFIR 2021)(1)

Financial results

Quarterly income statement

1Q22 P&L statement. Proforma¹

Million euros	1Q21	4Q21	1Q22	QoQ (%)	YoY (%)
Net Interest Income	277	235	235	-0.1%	-15.2%
Dividends	1	5	1	-83.7%	8.0%
Associates	10	10	3	-72.2%	-74.4%
Net Fees	117	134	133	-0.7%	14.3%
Trading income + Exch. Diff.	17	21	10	-54.5%	-41.9%
Other revenues/(expenses)	(2)	(91)	2	na	na
Gross Margin	419	313	382	22.3%	-8.7%
Operating expenses	(239)	(223)	(219)	-1.8%	-8.5%
Personnel expenses	(145)	(140)	(129)	-7.7%	-11.1%
SG&A	(69)	(61)	(67)	10.1%	-3.1%
D&A	(25)	(22)	(23)	2.4%	-8.6%
Pre Provision Profit	180	90	164	81.6%	-9.0%
Other provisions	(15)	(34)	(27)	-21.2%	79.6%
Loan loss provision	(77)	(56)	(51)	-9.9%	-34.2%
Other profits or losses	4	(23)	(2)	-92.4%	na
Pre Tax profit	92	(24)	84	na	-8.0%
Tax	(26)	5	(24)	na	-6.7%
Net Income	66	(18)	60	na	-8.5%

Main variations and one-offs

• Revenues NII: Stabilized in the quarter, positive outlook for coming quarters
  • Fee income: Driven by strong commercial activity in mutual funds, payments and insurance mainly
  • Associates: One offs of €5m coming from two different associates.
• Expenses Personnel expenses: Start reflecting synergies from the merger
• Provisions Other provisions:

Exceptional higher provisions in the quarter.

Other profits or losses:

€2m impact from goodwill amortization in associates

(1) P&L includes both Unicaja Banco and Liberbank under Unicaja Banco accounting criteria. Proforma P&L does not include €377m of restructuring charges accounted in 4Q21 and badwill coming from the merger between Unicaja Banco and Liberbank.

Net interest income: Yields

Net interest income: Evolution

Net interest income quarterly evolution. (€m)

A Lending: Slightly negative impact from final Euribor repricing and lower yield coming from the asset mix

Fixed income portfolio:

B

C

• Reinvestment started mainly in the last part of the quarter
• Further room to reinvest

Retail funding: €5.5bn institutional deposits as of Mar. 22 (+€2.1bn QoQ) charged at -35bps with a contribution of €2.5m to NII in 1Q22

Fee income

Fee income evolution. (€m) Fee income breakdown (€m)

Fees almost in line with 4th quarter, a seasonal strong quarter

Million Euros	1Q21	4Q21	1Q22	QoQ (%)	YoY (%)
Banking Fees	64	79	73	-8.5%	13.1%
Cards	19	28	24	-11.4%	26.3%
Payments, collections & other	45	52	48	-6.9%	7.4%
Non-Banking fees	52	55	61	10.8%	15.8%
Mutual funds	21	27	28	3.3%	29.4%
Insurance	26	24	28	13.9%	6.9%
Other	5	4	5	43.2%	5.0%
Total Fees	117	134	133	-0.7%	14.3%

Operating expenses

2017 2020 2021 1Q22

Cost of risk

Asset quality

Non performing loans

Non performing loans evolution

NPLs breakdown

Corporates (excl. RED) Real Estate Developers

• Residential mortgages
• Other individuals

Loan book NPL ratio and coverage

Foreclosed assets

Foreclosed assets quarterly evolution. (€m)

Non performing assets. (€m)

Foreclosed assets breakdown and coverage

Foreclosed assets (€m)	NBV	Coverage (%)
Residential	278	55%
Building under construction	97	64%
Commercial RE	95	52%
Land	307	70%
Total	777	63%

Solvency & balance sheet

Solvency (I/II)

CET 1 Fully loaded(1) quarterly evolution. (€m)

Solvency (II/II)

Capital ratios. March 2022 Regulatory requirements(1).

Fixed income portfolio

Fixed income portfolio breakdown (%)

Sareb

Private debt

26

Fixed income portfolio evolution (€bn)

Liquidity and wholesale funding

(1) Excludes €47m of PeCocos

	2022	2023	2024	>2024	Total
AT1				500	500
Tier 2 (2)	-	-	300	300	600
Senior preferred	-	-	-	660	660
Covered Bonds	492	450	-	5,222	6,164
Total	492	450	300	6,682	7,924

(2) Tier 2 2024 refers to call date.

Appendix

Share and book value

Share metrics and book value (1) Shareholder base

Share and liquidity:	1Q22
# O/S shares (m)	2,655
Last price (€)	0.94
Max price (€)	1.07
Min price (€)	0.75
Avg. traded volume (#shares m)	5,372
Avg. traded volume (€ m)	4,907
Market Capitalization (€ m)	2,504
Book Value:
BV exc. minorities (€m)	5,837
TBV (€m)	5,700
Ratios:
BVps (€)	2.20
TBVps (€)	2.15
PBV	0.43x
PTBV	0.44x

Source. CNMV as of 18/04/2022 and 2021 Unicaja Banco corporate governance report

Income statement. Proforma

Million euros	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	QoQ (%)	YoY (%)
Net Interest Income	287	268	283	286	277	266	251	235	235	-0.1%	-15.2%
Dividends	7	4	2	3	1	17	1	5	1	-83.7%	8.0%
Associates	12	32	13	12	10	23	15	10	3	-72.2%	-74.4%
Net fees	103	95	100	111	117	117	121	134	133	-0.7%	14.3%
Trading income + Exch. Diff.	34	35	7	22	17	6	4	21	10	-54.5%	-41.9%
Other revenues/(expenses)	(10)	24	2	(100)	(2)	(28)	(7)	(91)	2	na	na
Gross Margin	433	458	406	335	419	400	385	313	382	22.3%	-8.7%
Operating expenses	(246)	(243)	(237)	(231)	(239)	(240)	(235)	(223)	(219)	-1.8%	-8.5%
Personnel expenses	(150)	(156)	(149)	(150)	(145)	(145)	(141)	(140)	(129)	-7.7%	-11.1%
SG&A	(74)	(65)	(63)	(56)	(69)	(69)	(70)	(61)	(67)	10.1%	-3.1%
D&A	(21)	(22)	(24)	(26)	(25)	(26)	(23)	(22)	(23)	2.4%	-8.6%
Pre Provision Profit	188	214	170	104	180	160	150	90	164	81.6%	-9.0%
Other provisions (1)	(8)	(17)	(19)	(24)	(15)	(38)	(12)	(34)	(27)	-21.2%	79.6%
Loan loss provision	(69)	(134)	(108)	(104)	(77)	(81)	(57)	(56)	(51)	-9.9%	-34.2%
Other profits or losses	(23)	(55)	(1)	1	4	0	(10)	(23)	(2)	-92.4%	na
Pre Tax profit	86	9	41	(23)	92	41	71	(24)	84	na	-8.0%
Tax	(21)	1	(6)	6	(26)	(5)	(18)	5	(24)	na	-6.7%
Net Income	65	10	35	(17)	66	36	54	(18)	60	na	-8.5%

Note: All information is prepared on a pro forma basis for comparability. (1) 2Q21 exclude early retirees provision booked by Liberbank of €143m. 3Q21 excludes badwill, €39m of transaction charges and 4Q21 excludes €377m of restructuring charges (gross figures)

Balance sheet

Million euros	31/03/21	31/12/2021	31/03/2022
Cash on hand, Central Banks and Other demand deposits	7,682	21,298	15,410
Assets held for trading & Finantial assets at fair value through P&L	211	273	249
Financial assets at fair value through other comprehensive income	1,139	1,298	1,275
Financial assets at amortised cost	28,335	57,142	57,369
Loans and advances to central banks and credit institution	601	1,119	1,412
Loans and advances to customers	27,734	56,023	55,957
Debt securities at amortised cost	22,481	24,850	25,689
Hedging derivatives	737	815	985
Investment in joint ventures and associates	363	1,052	987
Tangible assets	1,124	2,249	2,232
Intangible assets	77	80	83
Tax assets	2,760	5,250	5,215
Other assets	364	544	473
Non current assets held for sale	242	700	658
Total Assets	65,516	115,550	110,623
Financial liabilities held for trading & at fair value through P&L	22	31	36
Financial liabilities at amortised cost	59,192	105,476	100,619
Deposits from central Banks	5,471	10,292	10,266
Deposits from credit institutions	4,165	6,665	8,223
Customer Deposits	47,707	84,154	77,495
Other Issued Securities	364	2,498	2,437
Other financial liabilities	1,485	1,867	2,198
Hedging derivatives	547	1,000	1,078
Provisions	745	1,428	1,366
Tax liabilities	268	389	376
Other liabilities	827	900	1,048
Total Liabilities	61,601	109,224	104,523
Own Funds	4,021	6,416	6,383
Accumulated other comprehensive income	(107)	(90)	(283)
Minority interests	1	0	0
Total Equity	3,914	6,326	6,101
Total Equity and Liabilities	65,516	115,550	110,623

Important legal information

This presentation (the Presentation) has been prepared by Unicaja Banco, S.A. (the Company or Unicaja Banco) for informational use only.

The recipient of this presentation has the obligation of undertaking its own analysis of the Company. The information provided herein is not to be relied upon in substitution for the recipient's own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company. The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities, and, unless otherwise stated, it has not been verified by the Company or any other person.

The information contained in the Presentation may be subject to change without notice and must not be relied upon for any purpose. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of any information contained in this document and, by hereby, shall not be taken for granted. Each Unicaja Banco and its affiliates, advisors or agents expressly disclaims any and all liabilities which may be based on this document, the information contained or referred to therein, any errors therein or omissions therefrom. Neither the Company, nor any of its affiliates, advisors or agents undertake any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained or referred to in the Presentation.

Unicaja Banco cautions that this Presentation may contain forward looking statements with respect to the business, financial condition, results of operations, strategy, plans and objectives of the Unicaja Banco and its affiliates. While these forward looking statements represent Unicaja Banco's judgment and future expectations concerning the development of its business, a certain number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from the current expectations of Unicaja Banco and its affiliates. These factors include, but are not limited to, (1) general market, macroeconomic, governmental, political and regulatory trends; (2) movements in local and international securities markets, currency exchange rate and interest rates; (3) competitive pressures; (4) technical developments; and (5) changes in the financial position or credit worthiness of Unicaja Banco's and its affiliates customers, obligors and counterparts. These and other risk factors published in past and future filings and reports of Unicaja Banco, including those with the Spanish Securities and Exchange Commission (CNMV) and available to the public both in Unicaja Banco's website (https://www.unicajabanco.com) and in the CNMV's website (https://www.cnmv.es), as well as other risk factors currently unknown or not foreseeable, which may be beyond Unicaja Banco's control, could adversely affect its business and financial performance and cause actual results to differ materially from those implied in the forward-looking statements.

Market and competitive position data in the Presentation has generally been obtained from industry publications and surveys or studies conducted by third-party sources. Peer firm information presented herein has been taken from peer firm public reports. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Unicaja Banco has not independently verified such data and can provide no assurance of its accuracy or completeness. Likewise, certain statements in the Presentation regarding the market and competitive position data are based on the internal analyses of Unicaja Banco, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent source and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or Unicaja Banco's competitive position data contained in the Presentation.

This Presentation includes accounts and estimations issued by the management, which may have not been audited by the Company's auditors. In addition, this document includes certain Alternative Performance Measures (APMs) as defined in the guidelines on Alternative Performance Measures published by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es) (the ESMA guidelines). This report uses certain APMs, which are performance measures that have been calculated using the financial information from Unicaja Banco and its affiliates but that are not defined or detailed in the applicable financial framework and therefore have neither been audited nor are capable of being completely audited. These APMs are aimed to enable a better understanding of Unicaja Banco's and its affiliates' financial performance but should be considered only as additional disclosures and in no case as a replacement of the financial information prepared under International Financial Reporting Standards (IFRS). Moreover, the way the Unicaja Banco defines and calculates these measures may differ to the way these are calculated by other companies, and therefore they may not be comparable. Please refer to Unicaja Banco's past and future filings and reports including those with CNMV and available to the public both in Unicaja Banco's website (https://www.unicajabanco.com) and in the CNMV's website (https://www.cnmv.es) for further details of the APMs used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In any case, the financial information included in this Presentation has not been reviewed to the extent of its accuracy and completeness and, therefore, neither such financial information nor the APMs shall be relied upon.

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Investor relations

ir@unicaja.es